The bill amends Minnesota Statutes 2024, section 272.01, subdivision 2, to introduce a new exemption for certain leased land. Specifically, it allows property owned by a nonprofit conservation organization to be leased, loaned, or otherwise made available to private individuals, corporations, or associations for grazing activities that align with the conservation objectives of the organization. This addition is marked as insertion (7) in the bill. The existing provisions regarding the taxation of property used by private entities for profit remain largely unchanged, with specific exceptions outlined for various types of properties, including those related to public airports and agricultural purposes.

Additionally, the bill clarifies that taxes imposed under this subdivision will be assessed similarly to personal property taxes, but will not create a lien against the property. It also specifies that the new provisions will take effect for property taxes payable in 2026. The deletion of certain clauses related to cooperative farming agreements and other provisions indicates a streamlining of the tax exemption criteria. Overall, the bill aims to support conservation efforts while maintaining a framework for taxing property used for profit.

Statutes affected:
Introduction: 272.01